According to the Guosheng Securities Research Report, Huaxi Nonferrous had outstanding performance in the first half of 2026, improving the quality and efficiency of lean operations. 2026H1 achieved net profit of $530 million to mother, +40% over the same period last year. Looking at a single quarter, 26Q1/Q2 achieved net profit of 1.8/350 million yuan, +19%/+54% year-on-year, and +93% month-on-month in Q2. The company's core products are operating steadily, and profits of some products have increased; lean operation improves quality and efficiency, and fully unleashes growth momentum. As a leading enterprise in the tin and antimony industry, the company fully enjoys the profit flexibility brought about by the upward shift in the price center of tin and antimony, and the company's main mine production expansion project is progressing smoothly, the injection of extracorporeal assets is progressing smoothly, and the company's performance is more flexible in the future when volume and price rise sharply. It is estimated that in 2026-2028, the company will achieve a net profit of 12/14/1.6 billion yuan, corresponding to PE 26.1/23.0/20.4 times, and maintain a “buy” rating.

According to the Guosheng Securities Research Report, Huaxi Nonferrous had outstanding performance in the first half of 2026, improving the quality and efficiency of lean operations. 2026H1 achieved net profit of $530 million to mother, +40% over the same period last year. Looking at a single quarter, 26Q1/Q2 achieved net profit of 1.8/350 million yuan, +19%/+54% year-on-year, and +93% month-on-month in Q2. The company's core products are operating steadily, and profits of some products have increased; lean operation improves quality and efficiency, and fully unleashes growth momentum. As a leading enterprise in the tin and antimony industry, the company fully enjoys the profit flexibility brought about by the upward shift in the price center of tin and antimony, and the company's main mine production expansion project is progressing smoothly, the injection of extracorporeal assets is progressing smoothly, and the company's performance is more flexible in the future when volume and price rise sharply. It is estimated that in 2026-2028, the company will achieve a net profit of 12/14/1.6 billion yuan, corresponding to PE 26.1/23.0/20.4 times, and maintain a “buy” rating.